Insurers pay about 81.4% of claims reported in Q1 2022 – NAICOM


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Chuks Udo Okonta

Insurance companies paid about 81.4 per cent of all claims reported during the first quarter of this year, the National Insurance Commission (NAICOM), has said.

The Deputy Commissioner, Technical, NAICOM, Sabiu Abubakar, disclosed this at an event organised recently by the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, adding that in spite macroeconomic challenges the industry recorded a year on year growth rate of about 6.2 per cent at the end of March, 2022

He submitted that the industry held a commendable market average retention of 73.3 per cent in the first quarter of 2022, stressing that the market size also grew at 15 per cent in the same period, which was one of the fastest sectoral assets expansion in Nigeria.

He maintained that NAICOM has strengthened its regulatory oversight and implored operators to settle genuine claims reasonable time and discharge their obligations.

Abubakar noted that insurance regulation and supervision are always the bedrock of national economic development, stressing that he believed NAICOM’s reforms and regulatory initiatives will positively impact the insurance industry if achieved and that the Industry will witness tremendous development and growth.

He implored insurance practitioners to remain complaints and support the commission’s efforts in developing the sector.

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